How do I plan the costs of having a child?

There are several key financial considerations when planning for a child. Some of the items you can include in Gilded’s income sources and expenses are:

• Reducing your income to go on parental leave.
• Collecting EI benefits during your parental leave.
• Funding your child’s RESP for future education savings.
• Planning for childcare costs such as daycare or a nanny.
• Including miscellaneous childcare costs in your budget.
• Planning financial gifts for your child, such as a downpayment, wedding expenses, or inheritance.

Once you've determined your expected income sources and expenses, you can enter them into the Financial Plans section of the app and set the years accordingly. Your financial plans will update automatically.